ML-Implode News - Yuan Tries Out a Bigger Role

The People's Bank of China, the country's central bank, said in February that foreign companies trading with Chinese companies will be able to pay or bill them in yuan. The government hasn't set a timetable for the change, but bankers and corporate executives expect it to take effect this summer. The new rules would upend a system in which China has used the U.S. dollar as its main currency for foreign trade...
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The latest trade-settlement rules still need to be fleshed out by Chinese authorities. But companies are beginning to prepare for their implementation.
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According to the Hong Kong Monetary Authority, some 9% of trade with China is denominated in yuan. The percentage has risen from 0.7% in the first half of 2010, just after China took its first steps to allow some companies to accept payment in yuan.

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Yuan Tries Out a Bigger Role